Although the first administrator of voluntary pension funds (Societatea de Administrare a Fondurilor de Pensii Facultative ‘Aragonn Grup’ SA) was authorised by the NCFM back in mid-October 2024, the procedures for establishing the pension fund and the relevant infrastructure have not yet been completed.
The National Commission for the Financial Market (NCFM) made this comment, stating that the application for approval of the creation of the ‘SAFPF Aragonn Grup’ voluntary pension fund was submitted to the NCFM only at the end of 2025 and is currently under review.
What is needed to launch the fund?
According to available information, last year World Bank experts studied the possibility of including voluntary contributions from participants in optional pension funds in the state social insurance system as additional income savings to the state pension. The experts’ conclusions on the possibility of additional pension provision in the state social insurance system of the Republic of Moldova have not been made public.
According to Elena Pui, executive director of the management company Aragonn Grup SA, these discussions probably concern the second, rather than the third, component, namely private voluntary pension funds.
‘Issues related to the launch of an optional pension fund are not related to the completion of the authorisation process for management companies, the development of the regulatory framework for the National Pension Savings Management Fund, and the formation of a comprehensive system for investing contributions and attracting participants by employers,’ Elena Pui believes.
For the full launch of the pension fund infrastructure, it will be necessary to complete the licensing of management companies, develop the regulatory framework for the NPKF, and form a comprehensive system for investing contributions and attracting participants by employers.
To create and operate the fund, it is also necessary to define regulations, investment policy and conditions to ensure the safety and profitability of citizens’ savings.
